Managing rental properties can feel like juggling a lot of balls at once.
You have marketing, tenant requests, investment decisions, and many other demands. And just when you get to grips with everything, another ball flies your way.
In this case, it's some legal changes are impacting Denver rental properties. Here's what you need to know about the new requirements for rental property inspections in Denver.
An Overview of Recent Changes to Denver Rental Laws
Denver has recently overhauled rental laws to improve property inspections. These rules require Denver landlords to hold licenses if renting their property for more than 30 days.
The aim was to make properties safer and improve maintenance to make homes more habitable for their occupants.
The changes include rules on more frequent and rigorous inspections. The aim here is to standardize conditions expected in properties so that no renter experiences sub-standard housing.
Why a Rental-Housing Inspection Is So Important
While the law may have focused on tenant rights, rental inspections are also vital for landlords. They offer many benefits.
First, it is the best way to ensure your property remains in excellent condition. Which means you are more likely to hold on to a good tenant.
Second, inspections often help identify things early before they escalate. That can help avoid costly breakdowns or problems like flooding and electrical fires.
Third, it puts health and safety first. So you don't need to worry about being liable for accidents on your property.
Finally, it helps create a level playing field in the industry. As a landlord, you are working to the same standards as every other property owner in Denver.
How Tenants Benefit from Rental Inspections
Regular property inspections make homes more livable for tenants.
They will enjoy a well-maintained property, meaning they won't need to worry about something breaking at an inconvenient moment, like the air conditioning.
These new laws mean tenants don't have to worry about living in unsafe conditions.
They get important reassurance that all aspects of the property - like smoke alarms and wiring - are well-tested and adhere to rigorous safety standards.
It's peace of mind and means they don't need to search for a better or safer property.
Challenges for Landlords
Landlords of residential rentals should be aware of some challenges of implementing more regular inspections. Careful planning is needed to avoid making them an added financial burden. When well-organized, they should save money in the long run.
That requires securing trusted contractors and planning property maintenance so that it happens on time. You'll also need to factor in the cost of licenses when investing in rental properties.
It's worth putting together a budget and ensuring your rental price covers the additional costs of these legal requirements.
Rental Property Inspections: Getting It Right
Don't panic over the new rules on rental property inspections. With careful organization, you can use this to your advantage and ensure your property maintains value and attracts the best tenants.
Our experienced team at Laureate Ltd can relieve the stress of property inspections. We have a professional property management team who can oversee this on your behalf. You can find out more here.
